(1) If a licensee applies for a late renewal, the commissioner must, within the decision-making period—
(a) renew the licence; or
(b) refuse to renew the licence.
(2) However, if the commissioner has asked the licensee to do a thing in relation to being a licensee, and the licensee has not yet done the thing, the commissioner must not renew the licence until the thing is done.
(3) A licence may be renewed for up to 5 years.
(4) The renewal of a licence starts on the day the renewal decision is made.
(5) If a condition is imposed on the licence, late renewal does not affect the condition.